In this week's webinar, I recalled 2 past business ventures that ultimately failed. Looking back with hindsight, I can now clearly see what I did wrong, what I did right, and why my latest venture with SFM & Mentors is much more likely to succeed.
I am sharing this as I want you to learn from my mistakes and ultimately shortcut your way to success.
Of course, there are no guarantees in business. But if you have the right motivation, the right processes, and the right support, you will succeed if giving up is not an option.
So, let's analyse the 2 business ventures with a final comparison to what I am doing now at Mentors:
The first business venture was with importing products directly from the manufacturer in China. These were little accessories for the Crocs shoes that were all the rage about 15-years ago. We branded them Wijjits.
The cost per unit delivered to my front door was less than 4c, and these sold in the Crocs shops for a few dollars. So the potential margin was huge.
My wife and I designed a logo that was digitised by a local print shop. That cost over $300. We had business cards printed so all looked good and ready to go.
Now, this was 15-years ago, before eBay and other such platforms existed in Australia. So distribution would be the key.
We asked local stores and kiosks in the surrounding shopping malls if they wanted to sell them, and a few took up the task. But very few. Ultimately, it was too time-consuming and expensive for us to find a network of sellers.
Review 1: Tools and services are much more readily available these days for logo generation, and also websites and other platforms for distribution are either readily available like eBay, or build your own websites.
Ecommerce stores are now widespread and it is something that I will get into more in future online ventures. But I will stay away from small low-cost items as the handling is too laborious and cost-ineffective.
The second business venture I started was about 9-years ago and was related to stock trading. I had completed an in-depth course on options trading and was having some success. I also discovered CFDs which offered high-leverage for trading stocks.
This early success resulted in me leaving my career for what appeared to be easy money. I know, I know, alarm bells are ringing!
This early success did not generate sufficient income to fully replace my previous income so I started searching around for different ways to play the stock market. None were very successful straight away. I became a victim of shiny-object-syndrome, jumping from one potential solution to the next.
Without sticking with any process for any length of time to make it work, without the necessary discipline, and without a mentor or coach, I finally threw in the towel after a year. I went back to my old career with my tail between my legs.
Review 2: Without following a proven process and committing to it until becoming successful, it was never going to work. Although the internet has all of the answers, these answers are hard to find amongst all of the noise out there.
It was also easy to suffer from confirmation bias where you can search the internet and confirm any view you have on any subject if you look hard enough. This is not good when it comes to buying and selling stocks.
I still dabble in the stock market but I am mostly an investor (longer time-frame), not a trader. If I were to trade again, I would stick to a simple proven system and be disciplined to follow it.
I started at SFM / Mentors almost 4 years ago. My journey here has given me the insight and the perspective to understand where I went wrong in the past. That does not mean that it has been easy to change because most of the change has to come from within oneself.
Subjects like belief, commitment, perseverance, and discipline to follow proven processes are essential.
Being in the right culture has made most of the difference for me. I am surrounded by others that appreciate what it takes to succeed and that has kept me on my path. This is particularly important when I felt like giving up. I will never give up. Therefore I must succeed, right?
I am committed to the journey, the journey of personal growth. Taking myself on every day. Taking on every challenge as an opportunity to learn.
I invested in myself, both in time and monetarily. While working a full-time job, I learnt new digital skills in the evenings and weekends. I also invested in training, coaching, and mentoring. It has made a whole lot of difference.
Coming from an employee background for almost 30-years, the mindset shift takes work and it's not easy.
I now see opportunity everywhere. That is in itself can be seen as an issue because there is only one of me and only 24-hours in a day. I need to ensure that I focus my energy on the right tasks.
Are you ready to put in the investment and commitment for your future? The digital economy is still young and it offers the best opportunities for anyone willing to learn these skills. Imagine how your life would be different if you loved what you did for an income!
If you are ready to join the Mentors All-in Program, CLICK HERE
Empowering you to create your best life,
Scott
"Your future is not somewhere you go, it's somewhere you get to CREATE..."
PS. If you are unsure of the opportunities available for you to earn an income on the internet doing what you love, sign up for the FREE video series. And when you are ready to change your life, sign up to the Mentors All-in Program here.
Are you unsure of the best way to get started with your online business?
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>> Step 1: Watch the FREE Workshop Series
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>> Step 2: Register for the Next Live Webinar
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>> Step 3: Join the next live weekly webinar to ask any questions live
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>> Step 4: Sign up to the Mentors program
